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EUR/JPY Trades Flat Around 183.75

  • EUR/JPY trades calmly amid hopes that Japan could intervene again.
  • Japan’s Mimura said that he will closely monitor the forex markets.
  • The risk-on impulse has improved the Euro’s appeal.

The EUR/JPY pair trades in a tight range around 183.75 during the Asian trading session on Thursday. The pair struggles for a direction as investors remain on the sidelines amid hopes that Japan’s Ministry of Finance (MoF) could intervene again.

Japan’s Vice Finance Minister (FM) for International Affairs and top foreign exchange official, Atsushi Mimura, said earlier in the day, that he will closely monitor the foreign exchange (FX) markets. However, Mimura declined to comment on specific levels where an intervention could take place.

While there has been no official confirmation from Japan that it has intervened in markets to counter one-way speculative moves against the Japanese Yen (JPY) in the last few trading days, there have been strong upside moves in the Asia-Pacific currency on April 30 and May 6.

Although they’ve not commented officially, I think we have to assume that the MoF stepped in again,” analysts at Pepperstone said, adding, “You don’t get a huge move like that, with no obvious catalyst, unless there’s a ‘silent hand’ involved, Reuters report.

Meanwhile, the Euro (EUR) trades broadly firm as the risk-on impulse remains boosted amid firm hopes of the reopening of the Strait of Hormuz. An Axios report has shown that Washington is close to reaching a deal with Iran on a one-page memorandum of understanding to end the war.

Going forward, investors will focus on European Central Bank (ECB) President Christine Lagarde’s speech, which is scheduled for Friday, for fresh cues on the monetary policy outlook.

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Japanese Yen consolidates as intervention fears, hawkish BoJ keep USD/JPY below mid-156.00s

  • USD/JPY lacks firm intraday directional bias as investors reassess Iran-US peace prospects.
  • The hawkish BoJ and intervention speculations underpin the JPY, keeping a lid on the pair.
  • The divergent BoJ-Fed policy outlooks warrant some caution before initiating bullish bets.

The USD/JPY pair struggles to capitalize on the previous day’s goodish rebound from its lowest level since February 24, around the 155.00 psychological mark, and oscillates in a narrow band during the Asian session on Thursday. Spot prices currently trade just below mid-156.00s, nearly unchanged for the day.

The Japanese Yen (JPY) continues to draw support from speculations that authorities will step in again to prop up the domestic currency and the Bank of Japan’s (BoJ) hawkish outlook. In fact, Japan’s Vice Finance Minister for International Affairs and top currency diplomat, Masato Mimura, delivered another round of verbal intervention and reiterated his close watch on foreign exchange markets. This comes on top of JPY intervention reports, which suggested that Japan may have spent as much as ¥5.48 trillion ($35 billion) buying the JPY after the USD/JPY pair surged past the 160.00 psychological mark last Friday.

Meanwhile, Minutes of the March 18-19 BoJ meeting showed board members reaffirmed that further rate hikes remained appropriate if the economic and price outlook was realised. The pace and timing will be determined meeting by meeting based on wages, prices, and the evolving Iran situation, the Minutes revealed further. This marks a significant divergence in comparison to diminishing odds for a rate hike by the US Federal Reserve (Fed), benefiting the lower-yielding JPY. The US Dollar (USD), on the other hand, remains depressed amid hopes for a US-Iran peace deal and also caps the USD/JPY pair.

In fact, US President Donald Trump struck an optimistic tone on Wednesday, saying that negotiations had made progress over the past 24 hours and that Iran wants to make a deal. Adding to this, Axios, citing two US officials, reported that the White House was nearing a deal with Iran on a one-page memorandum of understanding to end the war. The optimism, in turn, is seen undermining the USD’s reserve currency status. Investors, however, reassess the likelihood of a possible Iran-US deal amid major disagreements over Iran’s nuclear program, holding back traders from placing directional bets on the USD/JPY pair.

Japanese Yen Price Last 7 Days

The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies last 7 days. Japanese Yen was the strongest against the US Dollar.

USDEURGBPJPYCADAUDNZDCHF
USD-0.60%-0.87%-2.48%-0.35%-1.64%-2.10%-1.58%
EUR0.60%-0.23%-1.97%0.27%-1.04%-1.48%-0.96%
GBP0.87%0.23%-1.72%0.51%-0.79%-1.24%-0.72%
JPY2.48%1.97%1.72%2.27%0.91%0.41%1.11%
CAD0.35%-0.27%-0.51%-2.27%-1.34%-1.86%-1.23%
AUD1.64%1.04%0.79%-0.91%1.34%-0.39%0.07%
NZD2.10%1.48%1.24%-0.41%1.86%0.39%0.51%
CHF1.58%0.96%0.72%-1.11%1.23%-0.07%-0.51%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).

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USDJPY: another intervention by Japanese authorities, yen gains 1.00%

USDJPY was hit again today by a strong wave of yen buying, with the pair falling from the upper 157.700 area to 155.030. The move is being interpreted as another intervention by Japanese authorities. The timing fits the recent pattern: low liquidity around Japanese holidays and the transition from the Asian to the European session, when official flows can have a greater market impact. At the peak of the move, the yen strengthened by nearly 2%, toward the 155 area — the strongest level since February 24, 2026 — after Finance Minister Satsuki Katayama warned against speculative movements in the FX market.

This is another such intervention following last week’s large-scale operation. At that time, Bank of Japan money market data suggested that Tokyo may have spent around 5.48 trillion yen, or roughly 35 billion USD, to support the yen after USDJPY broke above the 160 level. The key signal for investors is that Japan’s Ministry of Finance is no longer limited to verbal warnings, but is actively attempting to cap USDJPY gains, particularly in the 158–160 zone. At the same time, rapid rebounds following earlier interventions show that these actions are buying time rather than changing the broader trend itself. Levels above 160 were also a critical point during the July 2024 intervention.

The fundamental backdrop remains difficult for the yen: the wide interest rate differential between the US and Japan, Japan’s dependence on energy imports, and geopolitical pressure related to the Strait of Hormuz continue to support the dollar and weaken the yen. The recent improvement in sentiment surrounding a potential US–Iran agreement has helped Tokyo through lower oil prices and a weaker USD, but if this pressure does not continue to ease — or if the Bank of Japan does not adopt a more hawkish stance — investors may continue to support the current weakening trend in JPY.

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Japanese Yen gains ground on Trump’s Hormuz pause, intervention caution

  • USD/JPY softens to near 157.65 in Wednesday’s Asian session. 
  • Trump said he is pausing the operation that helps ships leave the Strait of Hormuz. 
  • Traders remain cautious after suspected intervention. 

The USD/JPY pair loses ground to around 157.65 during the Asian trading hours on Wednesday. The US Dollar (USD) weakens against the Japanese Yen (JPY) after US President Donald Trump announces a pause on ‘Project Freedom’ in the Strait of Hormuz. The US April ADP Employment Change report will be released later on Wednesday. 

Trump said on Tuesday that Iran and the US have mutually agreed that while the US blockade “will remain in full force and effect,” Project Freedom will be paused. Trump further stated that this was to see if an agreement between the two countries can be finalized and signed. US President noted the decision was made at the request of Pakistan and other countries and follows what he called “tremendous military success” during a US campaign against Iran.

Markets remain on high alert following suspected interventions by Japanese authorities. Japanese Finance Minister Satsuki Katayama said Japan can take action against speculative foreign-exchange movements. “It’s probably going to take another round of significant intervention to push the dollar more significantly lower,” said Shaun Osborne, chief currency strategist at Scotiabank.

The US employment data for April will be in the spotlight on Friday. This report could influence interest rate expectations and the pair’s next move. Economists expect the US economy to have added 60,000 jobs in April, while the Unemployment Rate is estimated to hold steady at 4.3 during the same period. Any signs of improvement in the US labor market could lift the Greenback against the JPY in the near term. 

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AUD/JPY trims losses near 112.50 as RBA hikes official cash rate to 4.35%

  • AUD/JPY recovers modestly to around 112.65 in Tuesday’s early European session. 
  • RBA lifted the Official Cash Rate to 4.35% from 4.1% at its May meeting on Tuesday. 
  • Traders remain on edge over the potential for Japanese authorities to step back into the market after last week’s intervention.

The AUD/JPY cross pares losses near 112.65 during the early European trading hours on Tuesday. The Australian Dollar (AUD) edges slightly higher after the Reserve Bank of Australia (RBA) interest rate decision. Traders await Governor Michele Bullock’s press conference at 04:30 GMT for fresh impetus. 

As widely expected, the Australian central bank on Tuesday decided to raise the Official Cash Rate (OCR) by 25 basis points (bps) to 4.35% from 4.10% after concluding its May monetary policy meeting. According to the RBA Monetary Policy Statement, the central bank noted a significant increase in uncertainty over the domestic economic outlook and inflation.

The fallout from the Iran war will slash half a percentage point off economic growth in 2026 against the pre-conflict forecasts in February, as annual growth halves to 1.3% this year.

On the JPY’s front, markets remain on high alert following suspected interventions by Japanese authorities. Japanese Finance Minister Satsuki Katayama said Japan can take action against speculative foreign-exchange movements.

There was no official confirmation, but there were plenty of unofficial signals – including a “final warning” from a top official: the Ministry of Finance (MoF) and the Bank of Japan (BoJ) intervened in the foreign exchange market on Friday to strengthen the Japanese yen. The big question now is: How long will the JPY’s strength last?” said Commerzbank’s Thu Lan Nguyen. 

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Japanese Yen steadies on Middle East tensions, intervention caution

  • USD/JPY trades on a flat note near 157.25 in Tuesday’s early Asian session.
  • Rising tensions in the Middle East could boost the US Dollar.
  • Markets remain on high alert following suspected interventions by Japanese authorities.

The USD/JPY pair holds steady around 157.25 during the Asian trading hours on Tuesday. The latest developments in the Middle East send oil prices higher, sparking further fears of instability in the region. The US April ISM Services Purchasing Managers Index (PMI) report will be published due later on Tuesday. 

The United Arab Emirates said on Monday that it had intercepted a number of missiles fired from Iran. That’s the first time the UAE’s missile alert system was activated since the US-Iran ceasefire began last month. US President Donald Trump on Monday warned Iran that it will be “blown off the face of the earth” if it targets US ships that are protecting commercial vessels transiting the strait.

Meanwhile, Iran’s Foreign Minister Abbas Araghchi stated the current situation in the Strait of Hormuz makes it “clear that there’s no military solution to a political crisis.” Any signs of rising tensions in the Middle East could support the US Dollar (USD) against the Japanese Yen (JPY).

Traders remain on edge over the potential for Japanese authorities to step back into the market after last week’s intervention to curb weakness. Japanese Finance Minister Satsuki Katayama said Japan can take action against speculative foreign-exchange movements.

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GBP/JPY stabilizes below 213.00 after suspected JPY intervention-led intraday volatility

  • GBP/JPY attracts heavy intraday selling on Monday amid suspected Yen intervention.
  • Economic concerns stemming from Middle East tensions cap the upside for the JPY.
  • The BoE’s hawkish outlook lends support to the GBP and also limits losses for the cross.

The GBP/JPY cross seems to have stabilized following good two-way price swings earlier this Monday and trades just below the 213.00 mark during the first half of the European session.

The Japanese Yen (JPY) gets a strong boost at the start of a new week amid speculations that authorities again intervened in the FX market to prop up the weak domestic currency. This, in turn, was seen as a key factor behind the GBP/JPY pair’s intraday decline of nearly 200 pips from levels just above mid-216.00s. However, economic concerns stemming from the Middle East crisis and the continued disruption of energy supplies through the Strait of Hormuz hold back the JPY bulls from placing aggressive bets.

Meanwhile, US President Donald Trump announced a new initiative to guide ships stranded in the Gulf under a program called “Project Freedom”. The immediate market reaction, however, remains muted as top Iranian lawmaker Ebrahim Azizi said that any US interference in the strategic waterway will be considered a violation of the ceasefire. This, along with the lack of progress in US-Iran peace talks, keeps geopolitical risks in play and remains supportive of elevated Crude Oil prices, capping gains for the JPY.

The British Pound (GBP), on the other hand, draws support from the Bank of England’s (BoE) hawkish outlook, suggesting that rate hikes could be appropriate if inflation remains persistent. This turns out to be another factor that contributes to limiting the downside for the GBP/JPY cross. From a technical perspective, the intraday fall stalled near the 100-day Simple Moving Average (SMA), further warranting caution before positioning for an extension of last week’s sharp pullback from the highest level since January 2008.

Japanese Yen Price Today

The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the British Pound.

USDEURGBPJPYCADAUDNZDCHF
USD-0.01%0.11%-0.08%0.10%0.08%-0.01%0.13%
EUR0.00%0.08%-0.07%0.10%0.10%-0.00%0.12%
GBP-0.11%-0.08%-0.17%0.01%0.02%-0.09%0.06%
JPY0.08%0.07%0.17%0.14%0.10%0.01%0.14%
CAD-0.10%-0.10%-0.01%-0.14%-0.04%-0.14%0.03%
AUD-0.08%-0.10%-0.02%-0.10%0.04%-0.13%0.04%
NZD0.00%0.00%0.09%-0.01%0.14%0.13%0.15%
CHF-0.13%-0.12%-0.06%-0.14%-0.03%-0.04%-0.15%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).